Lument recently announced the closing of a $13.8 million proprietary bridge loan to facilitate the acquisition and renovation of Covenant Crossing, a 110-unit garden-style multifamily community in Nashville, Tennessee. Managing Director Colin Cross and Associate Director John Sloot led the transaction for Lument, which was brought to Lument by John Brickson of Old Capital.
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“Lument’s proprietary bridge loan was an excellent solution for this value-add acquisition,” said Sloot. “We were able to help the sponsor achieve all their objectives with a short-term, interest-only execution at a competitive interest rate.”
“In addition to a competitive rate, the closing provides approximately $1.7 million for substantial renovations, which once completed will further position the community for long-term success,” added Cross.
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Interior improvements include new vinyl flooring, granite countertops, and upgraded lighting and plumbing. Exterior improvements include new roofs, parking lot and landscaping upgrades, playground and soccer field installation, and fenced-in yards.
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